What Has Plummeted Sri Lankan Economy?

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 Sri Lankan economic crises is not getting any better by the passing day. Residents are now reeling under severe power cuts, shortage of medical equipment and medicines to name a few issues facing the country.


What has led to this mayhem is a critical lack of foreign currency that has crippled their economy, forcing them to miss out of payments for vital imports, leading to dire shortages in everything from life-saving medicines to cement.

Troubled over long lines for fuel that start forming before dawn, Sri Lankans are now complaining bitterly about government mismanagement and are fretting over how to feed their families as food prices skyrocket.

Meanwhile, India has come to their rescue, as hospitals are going without medicines and facing medical crises. Indian Ministry of Foreign Affairs are already reached out to Sri Lankan government offering help in life saving surgeries. Many hospitals have suspended surgeries due to lack of medicines in Sri Lanka.

Trucks at the port are unable to cart food and building materials to other urban centres, or bring back tea from plantations dotted around Sri Lanka's verdant inland hills. This kind of financial crises is new to the country of greens that has lived a peaceful life for the last six decades.

Mostly to be blamed is bad governance and management of public money. Wrong infrastructure decisions, chronic budget deficits, ill-advised tax cuts just before the pandemic are just a few things that have sent government revenue into freefall, and subsidies on electricity and other utilities that disproportionately benefited wealthier Sri Lankans.

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